Thanks to a culture where “bigger is better”, downsizing in property is sometimes seen as a negative thing. However, as real estate experts, we know this is rarely the case! Just because you’re moving into a smaller home doesn’t mean you need to make any compromises. In fact, most people downsize later in life which means they have more income to upgrade their living situation.
For many, downsizing comes with opportunities to relax and finally land that dream home. Although moving from a large family home to a smaller house or unit can seem daunting, the vast majority of homeowners wonder why they didn’t do it sooner…
What does downsizing actually look like?
Downsizing looks different for everyone and is dependent on your circumstances, life stage, and income. For example, if you love gardening, you might be moving to a smaller home on a similar-sized block to what you’re currently in so you can enjoy a larger garden. On the contrary, you might make a lateral move to a same-sized home while downsizing in block size.
For most people, however, it means moving to a more manageable, smaller home on a smaller block. A common scenario is when parents suddenly become empty nesters, they might say goodbye to their 5 x 3 family home and get comfy in a 3 x 2. Another common life stage is when elderly persons are no longer able to manage the garden or housework and move into a comfortable, low-maintenance unit.
What to consider when downsizing.
A future-proof home.
Seeing as this won’t be your first home, you can afford to be picky when looking for a smaller place. The first element to be picky about is ensuring your new home or unit will suit your evolving needs for the next five, 10 or 15 years (or however long you plan to stay there). For example, you might be fine in a townhouse with stairs now, but is that a suitable arrangement for you in 10 years’ time? If space for grandchildren (or future grandchildren!) to play is important, you might look for a home with a second living space or a grassed area out the back.
A beautiful design.
One of the most exciting parts of downsizing is that you’ll almost certainly have quite a good budget to play around with, compared to previous home purchases. This means that you can spend more on a smaller home with the additional features and design aesthetics you love. Even when shifting from a house to an apartment, this is an opportunity to seize top-tier design.
For example, let’s say you have an $800,000 budget. Previously, you might have had to make quite a lot of compromises to use this for a 4 x 2. Perhaps the suburb wasn’t ideal, it was far from work, or you had to buy an older home but couldn’t afford to renovate. Now, you can use that same $800,000 to buy an absolutely stunning 2 x 2 with all the trimmings you couldn’t enjoy last time.
A winning location.
At this stage of life, you probably don’t need to worry about school drop-offs and after-school hobbies. And, it might not be too much longer than you even need to worry about work logistics. As such, you’re not pinned down to suburbs where convenience is the main attraction. Downsize the home, upgrade the location!
Consider the lifestyle you want. Almost every suburb has quick access to shops, medical centres, and recreational options, so this is more a look at coastal, hills, or inner-city locations. If you’ve always wanted to live near the river, now’s the time to explore Applecross and Alfred Cove. If you’ve long dreamed of country-style living without moving to the country, real estate in the Perth Hills is definitely worth a look.
Key takeaways.
As a downsizer, it’s crucial to know the market in your desired area — or talk to someone who does
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